For Sale - Under OfferRetail

26-32 , Carter Gate, Newark, NG24 1UB

Description

PROPERTY

The property comprises a two storey building laid out over ground and first floors, with the ground floor occupied by Cash Converters and the first floor by a well established dance studio.

The property is constructed in solid brickwork under a pitched tiled roof and has a wide double fronted glazed shop front at ground floor level and a run of windows at first floor level, providing good natural light to the upper floors.

The property directly abuts the public highway to its front elevation, coupled with access into the dance studio, also directly off Carter Gate to the front.

Carter Gate forms part of Newark’s pedestrian precinct.

EPC

The current EPCs have expired - new ones have been commissioned.  These are available on request.

LOCATION

The property is situated in a well-established retail location within Newark Town Centre close to a range of national retailers and local occupiers.  These include Sports Direct and Argos opposite, and directly behind the property within the Saint Mark’s Shopping Centre are Wilkos, New Look, Costa and Clarks Shoes.  Also located within a short walking distance from the property is the bus station, an Asda supermarket and the new Travelodge hotel on the corner of Lombard Street, Portland Street and Carter Gate.

Newark is an expanding and prosperous market town with a population of circa 35,000 and a large and affluent catchment within 20 kilometres of around 160,000.

The town enjoys a strategic location at the junction of the A1, A46 and A17 trunk roads and has excellent direct rail links to London King’s Cross, with a travel time of 1 hour and 20 minutes.

Nottingham is situated around 22 miles to the south west and Lincoln around 18 miles to the north east.

SERVICES

We understand that all mains services are available and connected to the property.  These have not been tested. Therefore, interested parties are advised to make their own investigations to the relevant utility service providers with any enquiries in this regard.

TOWN & COUNTRY PLANNING

We understand that the property has consent for uses falling within Class E (Commercial, Business & Service Uses) of the Town and Country Planning (Use Classes) Order 1987 (as amended 2020).

The property is not Listed but is located within a Conservation Area.

Interested parties are advised to make their own investigations with the Local Planning Authority with regards to any planning queries they may have.

TENURE

The property is being offered For Sale Freehold, subject to the following Leases:

The ground floor is let to Cash Converters Yorkshire Limited (Company number of 06347684) on a 5 year lease from 2 December 2022 at an initial passing rent of £20,000 per annum, increasing to £22,000 per annum in December 2025.  The lease is drawn on the equivalent of  Full Repairing and Insuring terms.

The first floor dance studio is let to Amy Jane Matthews on a 3 year lease from 5 September 2022, expiring on 5 September 2025.  This is a renewal with the  original lease having been granted in October 2016.  The current passing rent is £10,000 per annum.

Therefore, the total rental income is £30,000 per annum for the last 2 years, increasing to £32,000 per annum in December 2025, assuming the first floor gymnasium tenant remains in situ.

COVENANT STRENGTH 

Cash Converters Yorkshire Limited have a Creditsafe rating of B63 and their last reported trading accounts for the year ending the 31 March 2022 show a turnover of £30,375,386, post tax profits of £1,775,211 and shareholder funds of £2,151,002.

The first floor is occupied by Amy Jane Matthews, who has been in occupation since October 2016, having renewed the lease in 2022.

Copies of both leases are available on request.

lEGAL COSTS

Each party is to be responsible for their own legal costs incurred in documenting the transaction.